With crypto-friendly nations such as Malta benefiting from the growth of and other blockchain-orientated start-ups, we could witness a new financial system emerge to replace the legacy system’s established dominance or a merging of the two as the central banks scramble to stay relevant.
According to reports, leading cryptocurrency exchange Binance made history in Q1 2018 by outperforming Deutsche Bank, Germany’s largest bank and one of Europe’s leading financial institutions.
Binance, which is still relatively new in the space, reported profits of $200 million, while Deutsche Bank underperformed expert predictions, bagging $146 million in the first quarter.
With plans to move operations from Asia to cryptocurrency haven Malta, Binance is expected to continue growing throughout 2018 and beyond.
The report goes on to explain that the possible reason for the U.K., U.S.A., and China leading in registered exchanges is due to the fact that each country is a large financial hub, and the United States is also a leader in technology.
With crypto-friendly nations such as Malta benefiting from the growth of Binance and other blockchain-orientated start-ups, we could witness a new financial system emerge to replace the legacy system’s established dominance or a merging of the two as the central banks scramble to stay relevant.
Without the risk of being shut down by authorities or compromised by the exchange itself, this will provide independence for users of digital assets.
Binance Announcement – “Binance Chain will mainly focus on the transfer and trading of blockchain assets, as well as provide new possibilities for the future flow of blockchain assets. Binance Chain will focus on performance, ease-of-use, and liquidity. Binance Coin (BNB) will be upgraded to exist on its own blockchain mainnet, becoming a native coin. At the same time, Binance will transition from being a company to a community.”
Disclaimer: Only invest what you are willing to lose. Conduct your own research when considering investing in cryptocurrencies.
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